Montana Information Statement - Common Stock
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Economy of Montana. Montana's economy is dominated by the primary sector?agriculture, forestry, mining, and energy production?and by services.
Resources and power Gold, copper, platinum, talc, phosphate, vermiculite, sapphire, garnet, and other minerals are mined from the old, hard rocks of Rocky Mountain Montana and of the mountain outliers. Montana is among the top producers of talc in the United States.
The Mineral-Rich Mountain states?Colorado, Montana and Wyoming?represent a transition zone between the Rocky Mountains to the west and the Great Plains to the east. Millions of years of tectonic events and stratigraphic sequences have made this one of the most energy-rich regions in the United States.
Montana is the only producer of palladium & platinum. Leads in talc production & is a major producer of copper/molybdenum, garnets, silver. It produces bentonite, common clays, construction sand/gravel, crushed/dimension stone, gold, lime, gemstones.
Montana has a graduated individual income tax, with rates ranging from 1.00 percent to 6.75 percent. Montana has a 6.75 percent corporate income tax rate. Montana does not have a state sales tax and does not levy local sales taxes. Montana's tax system ranks 5th overall on our 2023 State Business Tax Climate Index.
Montana's top natural resources were once copper, gold, silver, and sapphires. People still mine for precious rocks and metals here?but now, the one of the state's most valuable resources is petroleum. The state is also the world's leading producer of talc, a mineral used in cosmetics.
After federal transfers, Montana's largest sources of per capita revenue were property taxes ($1,873) and individual income taxes ($1,738).
National per capita general revenues were $12,277. Montana does not levy a general sales tax. After federal transfers, Montana's largest sources of per capita revenue were property taxes ($1,840) and individual income taxes ($1,708).
Montana source income is any income earned while living or located in Montana.
Shaylee: So, Montana is one of five states that doesn't have a statewide sales tax, meaning the state and most local governments collect most of their revenue through income and property taxes. Some argue that taxing sales spreads the tax burden around and alleviates putting too much pressure on one revenue source.